Reg E and Reg CC Are at the Top of Bankers’ Minds.

Regulation E (Electronic Fund Transfer Act) changes in the wake of the Dodd-Frank Act affect automated overdraft protection programs that may be in place for your account holders. The elimination of nonlocal checks means that your institution's Regulation CC (Expedited Funds Availability Act) compliance procedures must change. The new Consumer Financial Protection Bureau has indicated that it plans to focus on Truth in Savings as soon as possible.

The Dodd-Frank Act has already had a major impact on financial institutions. Many banking regulations will be affected. It is more important than ever for compliance officers to keep up with changing regulatory requirements. This training module gives you all the information you need on fund transfers and funds availability.

The regulators are looking for evidence that your bank puts a premium on compliance. They want to know that your compliance officer’s skills are up-to-date with the latest compliance demands. You can give them what they’re looking for, and ensure that your bank’s compliance efforts are correct, when your compliance officer completes the Sheshunoff® Regulatory Compliance Certification Program Deposit Disclosure and Interest Rate Requirements Module.

Successful completion of this module earns your candidate certification as a Sheshunoff Compliance Officer with a certificate suitable for framing and hanging on your wall. And it’s all done right in your bank at your candidate’s own pace and convenience.

Self-paced training has proved to be an effective, and cost-effective, way to learn a subject in detail. More is learned and retained when the training is self-paced, and the manual later becomes a handy reference to refresh the user’s memory and get fast answers.

Show the Regulators Your Compliance Officer Has What it Takes.

When a regulator sees a Sheshunoff Compliance Officer Deposit Disclosure and Interest Rate Requirements Certificate hanging on your wall, it’s a sign that your compliance officer has the skills and knowledge necessary to handle the compliance challenges that deposit operations present.

The Deposit Disclosure and Interest Rate Requirements Module contains the following courses:

• Expedited Funds Availability and Check 21 Act (Reg CC). Understand the major compliance issues, the types of accounts and deposits Reg CC governs, the various notices and disclosures associated with your bank’s Reg CC activity, exceptions to the availability schedule under Reg CC, and retaining records that document your compliance with the regulation.
• Prohibition Against the Payment of Interest on Demand Deposits (Reg Q) and Reserve Requirements (Reg D). Understand the major compliance requirements of Regs Q and D, when time deposits become demand deposits and the corresponding change in reserve requirements, the Reg D deposit requirements for time deposits, including savings deposits, money market deposit accounts, transaction accounts, and linked savings accounts, and your bank’s reserve requirements on these accounts.
• Truth-in-Savings Act (Reg DD). Understand the major Reg DD compliance requirements, including who must receive disclosures and the types of notices and disclosures your bank must provide, the regulation’s narrower provisions for computing interest and annual percentage yields, the special rules dealing with time accounts, how to advertise accounts in compliance with the regulation, and what the regulators consider to be false and misleading advertising.
• Electronic Fund Transfer Act (Reg E). Understand which types of transactions are governed by the EFTA and which are exempt, the rules for issuing EFT access devices, the disclosure and notice rules, how to resolve errors or disputes related to EFTs, the ways Reg E requires your bank to document EFTs, and the limitations Reg E places on consumer liability when an access card is lost or stolen.

Highlights How to Use This Manual Preface

Regulatory Compliance Program

Each module covers a single key area of compliance in detail; each course in a module covers a single regulation. The modules can be completed in any order, so your candidate can get up-to-speed on the issues of greatest concern to you first and tackle other modules later.

When the course work for a module has been completed to the candidate’s satisfaction, he or she requests the final exam on that module. The Passing grades earn a certificate for that module.

To earn the program certificate, simply complete all five modules of the Regulatory Compliance Certification Program within a two-year period. When all five modules have been successfully completed, the candidate will receive a certificate to show the regulators, and others, that your bank has recognized and met the serious, demanding challenges of compliance.